# Vienna Insurance Group AG (VIG.VI)

Canonical: https://gigainvestors.com/s/VIG.VI

Analysis as of: 2026-10-16T07:36:04.795Z. Financial observations: FY2017–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 69.20 per share; close as of 2026-10-15.

Estimated value: low EUR 43.38 per share, central EUR 54.23 per share, high EUR 72.31 per share. Buy at or below the central value EUR 54.23 per share. Valuation as of 2026-10-16T07:36:04.795Z; scenarios are not confidence intervals.

Expected annual return: 9.1% at the stated quote. About 9.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; AT 10-year bond 3.7% + 4 points).

## Checklist

### understandable: pass

- Financial history: 9 years

- Profitable years in the last ten: 9

- Required profitable years: 8

- Return on common equity variation (informational): 0.30×

Chart: Net income; fiscal year observations.

- FY2017: EUR 286M

- FY2018: EUR 261M

- FY2019: EUR 331M

- FY2020: EUR 232M

- FY2021: EUR 376M

- FY2022: EUR 458M

- FY2023: EUR 559M

- FY2024: EUR 626M

- FY2025: EUR 835M

### moat: fail

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- median return on common equity below threshold

- Bank / P&C ROTE, median of available years: 6.9%

- Required median return: 10.0%

- Return uses tangible common equity: No

- Bank ROTE, second-lowest year: 5.7%

- Years with reported combined ratio: 0

Chart: Return on common equity; fiscal year observations.

- FY2017: 5.9%

- FY2018: 5.7%

- FY2019: 6.5%

- FY2020: 4.5%

- FY2021: 6.9%

- FY2022: 10.9%

- FY2023: 9.4%

- FY2024: 9.8%

- FY2025: 11.6%

### economics: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 8.2%

- Book return interval: 8 years

- Starting book value per share: EUR 37.75

- Ending book value per share: EUR 56.02

Chart: Annual book + dividend return; fiscal year observations.

- FY2018: -3.2%

- FY2019: 14.6%

- FY2020: 4.6%

- FY2021: 8.0%

- FY2022: -19.4%

- FY2023: 45.5%

- FY2024: 10.9%

- FY2025: 15.3%

### management: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: 0.0%

- Diluted shares, 5-year annual growth: 0.0%

- Share growth excluding flagged crisis recapitalisations: 0.0%

- Five-year share growth excluding flagged crisis recapitalisations: 0.0%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.08×

- Book value created per share: EUR 18.27

- Earnings retained per share after dividends and buybacks: EUR 16.93

Chart: Shares (first year = 100); fiscal year observations.

- FY2017: 100

- FY2018: 100

- FY2019: 100

- FY2020: 100

- FY2021: 100

- FY2022: 100

- FY2023: 100

- FY2024: 100

- FY2025: 100

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 6.9% a year forever · net income +33.3%

Story as of 2026-10-16T10:00:06.723Z; price observation 2026-10-15.

The price assumes profits grow 6.9% a year forever

### Net income · FY2025

net income +33.3%; source https://filings.xbrl.org/549300JCRU23I1THU176/2025-12-31/ESEF/AT/0/549300JCRU23I1THU176-2025-12-31-1-en/reports/549300JCRU23I1THU176-2025-12-31-1-en.xhtml; observed 2026-04-29.

- FY2017: EUR 286M 

- FY2018: EUR 261M 

- FY2019: EUR 331M 

- FY2020: EUR 232M 

- FY2021: EUR 376M 

- FY2022: EUR 458M 

- FY2023: EUR 559M 

- FY2024: EUR 626M 

- FY2025: EUR 835M 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in insurance diversified; annual sales are EUR 14.8 billion.

- Source: https://eodhd.com/api/fundamentals/VIG.VI.json#2025-12-31 (filed 2026-04-29); FY2025: revenue 14781083000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); VIG.VI: Vienna Insurance Group AG, together with its subsidiaries, engages in providing insurance products and services in Austria and internationally. The company provides life; health; and property and casualty insurance products, such as medical expense, income protection, worker's compensation, motor vehicle liability, motor own damage, other motor, marine, aviation, transport, fire and other damage to property, general liability, credit and suretyship, legal expenses, assistance, and miscellaneous financial losses insurance. It offers reinsurance products and services, such as Issued and held Treaty reinsurance. It sells its products through direct sales, banks, brokers, and agents. The company was founded in 1824 and is based in Vienna, Austria. Vienna Insurance Group AG is a subsidiary of Wiener Städtische Wechselseitige Versicherungsverein - Vermögensverwaltung - Vienna Insurance Group.

### Why customers stay

It earns 6.9% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); 9-year return on tangible equity observations [[2017,0.05912962532577016],[2018,0.05731183010872192],[2019,0.06528765415991836],[2020,0.04484306583057285],[2021,0.06858618415444295],[2022,0.10854393563389506],[2023,0.09377972144530886],[2024,0.09768046197366914],[2025,0.11642487312532841]]; median 0.06858618415444295. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); Dividend observations: [[2016,99357000],[2017,114281000],[2018,139722000],[2019,128000000],[2020,147200000],[2021,96000000],[2022,193979000],[2023,185708000],[2024,199849000],[2025,222372000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 72% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); VIG.VI SharesStats.PercentInsiders = 72 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 6.9% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); Price 69.2; FX 1; original perpetual distributable cash 2.1691731315092833; discount 0.1; growth 0.06865356746373869. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 17.97 per share

- 2016-11: EUR 19.21 per share

- 2016-12: EUR 21.40 per share

- 2017-01: EUR 22.52 per share

- 2017-02: EUR 22.70 per share

- 2017-03: EUR 22.68 per share

- 2017-04: EUR 23.81 per share

- 2017-05: EUR 24.45 per share

- 2017-06: EUR 24.70 per share

- 2017-07: EUR 25.48 per share

- 2017-08: EUR 24.80 per share

- 2017-09: EUR 25.01 per share

- 2017-10: EUR 25.17 per share

- 2017-11: EUR 24.75 per share

- 2017-12: EUR 25.77 per share

- 2018-01: EUR 28.54 per share

- 2018-02: EUR 27.36 per share

- 2018-03: EUR 27.18 per share

- 2018-04: EUR 26.98 per share

- 2018-05: EUR 24.58 per share

- 2018-06: EUR 23.36 per share

- 2018-07: EUR 24.34 per share

- 2018-08: EUR 23.48 per share

- 2018-09: EUR 24.58 per share

- 2018-10: EUR 23.50 per share

- 2018-11: EUR 22.72 per share

- 2018-12: EUR 20.28 per share

- 2019-01: EUR 21.18 per share

- 2019-02: EUR 21.20 per share

- 2019-03: EUR 22.90 per share

- 2019-04: EUR 24.80 per share

- 2019-05: EUR 21.90 per share

- 2019-06: EUR 22.55 per share

- 2019-07: EUR 23.20 per share

- 2019-08: EUR 22.40 per share

- 2019-09: EUR 23.90 per share

- 2019-10: EUR 24.30 per share

- 2019-11: EUR 25.10 per share

- 2019-12: EUR 25.40 per share

- 2020-01: EUR 24.40 per share

- 2020-02: EUR 22.00 per share

- 2020-03: EUR 17.14 per share

- 2020-04: EUR 18.38 per share

- 2020-05: EUR 18.90 per share

- 2020-06: EUR 19.90 per share

- 2020-07: EUR 18.80 per share

- 2020-08: EUR 20.50 per share

- 2020-09: EUR 18.98 per share

- 2020-10: EUR 17.42 per share

- 2020-11: EUR 19.98 per share

- 2020-12: EUR 20.80 per share

- 2021-01: EUR 21.10 per share

- 2021-02: EUR 22.25 per share

- 2021-03: EUR 22.10 per share

- 2021-04: EUR 22.30 per share

- 2021-05: EUR 23.15 per share

- 2021-06: EUR 23.15 per share

- 2021-07: EUR 23.25 per share

- 2021-08: EUR 24.55 per share

- 2021-09: EUR 24.90 per share

- 2021-10: EUR 25.25 per share

- 2021-11: EUR 24.50 per share

- 2021-12: EUR 24.90 per share

- 2022-01: EUR 25.95 per share

- 2022-02: EUR 23.40 per share

- 2022-03: EUR 23.45 per share

- 2022-04: EUR 23.65 per share

- 2022-05: EUR 22.40 per share

- 2022-06: EUR 21.80 per share

- 2022-07: EUR 22.40 per share

- 2022-08: EUR 23.65 per share

- 2022-09: EUR 20.90 per share

- 2022-10: EUR 22.65 per share

- 2022-11: EUR 22.30 per share

- 2022-12: EUR 22.35 per share

- 2023-01: EUR 24.95 per share

- 2023-02: EUR 26.45 per share

- 2023-03: EUR 24.75 per share

- 2023-04: EUR 26.65 per share

- 2023-05: EUR 24.30 per share

- 2023-06: EUR 23.95 per share

- 2023-07: EUR 24.30 per share

- 2023-08: EUR 24.75 per share

- 2023-09: EUR 26.40 per share

- 2023-10: EUR 25.35 per share

- 2023-11: EUR 26.25 per share

- 2023-12: EUR 26.50 per share

- 2024-01: EUR 26.25 per share

- 2024-02: EUR 26.85 per share

- 2024-03: EUR 28.90 per share

- 2024-04: EUR 29.25 per share

- 2024-05: EUR 29.50 per share

- 2024-06: EUR 30.50 per share

- 2024-07: EUR 29.75 per share

- 2024-08: EUR 31.15 per share

- 2024-09: EUR 29.85 per share

- 2024-10: EUR 29.25 per share

- 2024-11: EUR 29.05 per share

- 2024-12: EUR 30.35 per share

- 2025-01: EUR 32.35 per share

- 2025-02: EUR 36.15 per share

- 2025-03: EUR 40.65 per share

- 2025-04: EUR 41.90 per share

- 2025-05: EUR 43.20 per share

- 2025-06: EUR 43.70 per share

- 2025-07: EUR 46.35 per share

- 2025-08: EUR 44.30 per share

- 2025-09: EUR 46.85 per share

- 2025-10: EUR 44.50 per share

- 2025-11: EUR 49.35 per share

- 2025-12: EUR 67.20 per share

- 2026-01: EUR 66.30 per share

- 2026-02: EUR 65.90 per share

- 2026-03: EUR 61.40 per share

- 2026-04: EUR 64.00 per share

- 2026-05: EUR 63.10 per share

- 2026-06: EUR 64.40 per share

- 2026-07: EUR 70.90 per share

- 2026-08: EUR 72.20 per share

- 2026-09: EUR 65.40 per share

- 2026-10: EUR 66.40 per share

## Annual estimated value (EUR per share)

- FY2020: low EUR 23.57 per share, central EUR 29.46 per share, high EUR 39.29 per share

- FY2021: low EUR 25.65 per share, central EUR 32.07 per share, high EUR 42.76 per share

- FY2022: low EUR 14.70 per share, central EUR 18.38 per share, high EUR 24.50 per share

- FY2023: low EUR 27.49 per share, central EUR 34.37 per share, high EUR 45.82 per share

- FY2024: low EUR 31.36 per share, central EUR 39.20 per share, high EUR 52.26 per share

- FY2025: low EUR 41.34 per share, central EUR 51.68 per share, high EUR 68.90 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:41:48.265Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/549300JCRU23I1THU176/2025-12-31/ESEF/AT/0/549300JCRU23I1THU176-2025-12-31-1-en/reports/549300JCRU23I1THU176-2025-12-31-1-en.xhtml); period 2025-12-31, filed 2026-04-29.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.
← Companies

Vienna Insurance Group AG

VIG · VI

ATX

Not a wonderful business

1 quality test fails. A lower price would not fix the business.

Share price
EUR 69.20
Buy up to
EUR 54.23
Expected / yr
9.1% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Where the cash goes
Are managers owners
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Profits were positive in 9 years (at least 8 needed).

9y median
EUR 376M
Worst year
EUR 232M
Latest · 2025
EUR 835M

Earned a median 6.9% on equity (minimum 10%).

9y median
6.9%
Worst year
4.5%
Latest · 2025
11.6%

Book value plus dividends grew 8.2% a year (minimum 7%).

8y median
9.4%
Worst year
-19.4%
Latest · 2025
15.3%

Ordinary share growth was 0% over the full period and 0% over five years (either must be at most 2% a year).

9y median
100
Worst year
100
Latest · 2025
100

0 accounting warnings were found (none allowed).

Filing signals · estimated likelihood
Control weakness4%Auditor change2%Going concern3%Related parties52%
Material weakness in internal control: 4% estimated likelihood. ; Auditor change within the past three years disclosed: 2% estimated likelihood. ; Going-concern uncertainty: 3% estimated likelihood. ; Material related-party transactions: 52% estimated likelihood.
accounting warnings
0
Passing bar
≤ 0

Profit record · pass 0 loss years in 10 (at most 2), three-year average earnings per share 5.26 EUR.

2. Is the price low enough?

Price & return math
Value rangeEUR 43.38 – EUR 72.31
Buy at or belowCentral value EUR 54.23
Discount to value1 − 69.20 / 54.23 = -27.6%
Return / yearAbout 9.1% a year at today's price (required return 10.0%)
Cash-flow inputsBook EUR 43.23/share; ROE 11.0%; first payout EUR 2.17/share, growing 6.0% perpetually (4× book payout cap applied).
Required return10.0% / year, earned by construction at the central value
Net incomeEUR 835M
835M020172025
FY2017 · Net income: EUR 286M; FY2018 · Net income: EUR 261M; FY2019 · Net income: EUR 331M; FY2020 · Net income: EUR 232M; FY2021 · Net income: EUR 376M; FY2022 · Net income: EUR 458M; FY2023 · Net income: EUR 559M; FY2024 · Net income: EUR 626M; FY2025 · Net income: EUR 835M
Net income
Book / shareEUR 56.02
56.02020172025
FY2017 · Book / share: EUR 37.75; FY2018 · Book / share: EUR 35.47; FY2019 · Book / share: EUR 39.64; FY2020 · Book / share: EUR 40.33; FY2021 · Book / share: EUR 42.80; FY2022 · Book / share: EUR 33.00; FY2023 · Book / share: EUR 46.57; FY2024 · Book / share: EUR 50.09; FY2025 · Book / share: EUR 56.02
Book / share
Dividend / shareEUR 1.74
1.74020172025
FY2017 · Dividend / share: EUR 0.89; FY2018 · Dividend / share: EUR 1.09; FY2019 · Dividend / share: EUR 1.00; FY2020 · Dividend / share: EUR 1.15; FY2021 · Dividend / share: EUR 0.75; FY2022 · Dividend / share: EUR 1.52; FY2023 · Dividend / share: EUR 1.45; FY2024 · Dividend / share: EUR 1.56; FY2025 · Dividend / share: EUR 1.74
Dividend / share
Return on equity11.6%
11.6%0.0%20172025
FY2017 · Return on equity: 5.9%; FY2018 · Return on equity: 5.7%; FY2019 · Return on equity: 6.5%; FY2020 · Return on equity: 4.5%; FY2021 · Return on equity: 6.9%; FY2022 · Return on equity: 10.9%; FY2023 · Return on equity: 9.4%; FY2024 · Return on equity: 9.8%; FY2025 · Return on equity: 11.6%
Return on equity
Diluted shares128M
128M020172025
FY2017 · Diluted shares: 128M; FY2018 · Diluted shares: 128M; FY2019 · Diluted shares: 128M; FY2020 · Diluted shares: 128M; FY2021 · Diluted shares: 128M; FY2022 · Diluted shares: 128M; FY2023 · Diluted shares: 128M; FY2024 · Diluted shares: 128M; FY2025 · Diluted shares: 128M
Diluted shares
Prices 15 Oct 2026 · FY2025Original filing ↗ ·